Tax Sheltered Annuities - 403(B) - (LPS Only)

Tax Sheltered Annuities (TSA) – 403(b)

A 403(b) plan, also known as a tax-sheltered annuity or TSA plan, is a retirement plan offered to public school employees. It is similar to a 401(k) plan, where employees save for retirement by contributing pre-tax to individual accounts.

Elective deferral limit

 
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023.

Age 50 catch-ups

 
If you are age 50 or older by the end of the year, your individual limit is increased by $7,500 in 2023 (the catch-up contribution amount). This means your individual limit increases from $22,500 to $30,000 in 2023, even if neither plan allows age-50 catch-up contributions (IRC Section 414(v) and Treas. Regs. 1.402(g)-2).

You can read more about 403(b) plans here: IRC 403b Tax Sheltered Annuity Plans | Internal Revenue Service (irs.gov)


 

The Lynn Public Schools use the following companies for 403(b):

  • AXA Equivest (Equitable - 403b)
    • Paul Ziolowski - (781) 244-5118
    • Marc Foley - (978) 697-0492
  • Lincoln Investments (Lincoln Investment - 403(b))
    • Michael Hourigan – (781) 647-3050
    • Kent Niebuhr – (781) 619-3399
    • Horizon Financial – (781) 444-4141

 

 

The Lynn Public Schools uses the following Third-Party Administrator to handle 403(b) plan documents:

TSA Consulting Group, Inc.  (TSA Consulting Group - Home (tsacg.com))
Attn: Participant Transactions Department
28 Ferry Road SE, Fort Walton Beach, FL 32548
Phone: (888) 796-3786 Ext. 4
Fax: (866) 741-0645